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December 15, 2017
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SOUTHERN CALIFORNIA NEWS
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OC Investor Exchanges into La Habra Rental Cottage Property

11/15/17

A multifamily property in La Habra consisting of 18 single-family rental cottages was purchased by a local 1031 exchange investor for $5.3 mil ($294k/unit).

The property, located at 141-237 Monte Vista, contains 18 two-bedroom, detached single-family cottage units. The apartments average 800 sf in size and feature upgrades such as remodeled kitchens, bathrooms and flooring.

Dan Blackwell with CBRE represented the buyer in the transaction. The seller, a family trust, was represented by Michael Cavner of WMC Consulting.

“With this acquisition, the buyer improved their location and increased their cash flow,” said Blackwell. “This investor was looking for a quality asset as a long-term hold. Typically, cottage-style units rent for a premium and turn over less often than standard apartment units. This gave the buyer comfort they were purchasing a stable income-producing property that is hard to replicate.”

Multifamily rent growth in Orange County will continue to be fueled by the shortage of available inventory going forward, exorbitant home prices – the median price for a single-family house in the region is $789,000 -- which has put ownership out of reach for many, and the influx of Millennials into the renter pool, according to CBRE research. Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040. Currently, there are 250,000 rental units in Orange County with an average vacancy rate of 4%, according to CBRE research.

Rent growth in 2017 has simmered down to 2.8% -- less than the 5-6% average increase in the previous three years – but forecasts are projecting rents to climb 3.8% over the next two years, putting the average for Orange County at $2,157 by 2019. Strong fundamentals coupled with a dearth of inventory and housing options will continue to drive development and rents well into the future.





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